Fuelled by a drop in prices, there was a “short burst of home-buying activity” in the Greater Toronto Area during this year’s second quarter, but it was cut short by interest rate hikes and a lack of supply, according toProperties that changed hands most often were detached homes, which were more affordable this year in almost every part of the GTA compared to 2022, the report says.
The Palmerston, Little Italy, Trinity-Bellwoods, Dufferin Grove area saw a whopping 16.1 per cent increase, from $2.1 million a year ago to $2.46 million. Just three GTA neighbourhoods saw an increase in detached home sales year-over-year, the most significant being in the Bayview Village, Don Valley Village, Henry Farm area, which saw an increase of more than 21 per cent.
“Of the 60 markets in the GTA, nearly half reported a decline in new listings in June 2023, compared to June of 2022. The greatest decline was noted in High Park, North Junction, Bloor West Village, where listings were down 58.1 per cent, with just 26 properties available for sale.” “Listings that offer a short or long-term benefit – be it a basement apartment that allows homeowners to offset their mortgage costs now or homes that hold long-term potential in a future renovation or sale to a builder—are most sought-after. Location, while still an important aspect, has been replaced by value and necessity. A growing number of buyers are willing to travel further afield to get the best bang for their buck.
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CP24 - 🏆 30. / 67 Read more »